Lewis Corporation Lewis Corporation had traditionally used the FIFO method of inventory valuation. You are given the information shown in Exhibit 1 on transactions during the year affecting Lewis's inventory account. (The purchases are in sequence during the year. The company uses a periodic inventory method.) EXHIBIT 1: Inventory Transactions 2009-2011 2009 Beginning balance Purchases 1,840 cartons @ $20.00 600 cartons @ 20.25 800 cartons (@ 21.00 400 cartons @ 21.25 200 cartons @ 21.50 Sales 2,820 cartons @ 34.00 2010 Beginning balance Purchases 1,020 cartons 700 cartons (a) 21.50 700 cartons @ 21.50 700 cartons @ 22.00 1,000 cartons @ 22.25 Sales 3,080 cartons @ 35.75 2011 Beginning balance Purchases 1,040 cartons 1,000 cartons @ 22.50 700 cartons @ 22.75 700 cartons @ 23.00 700 cartons @ 23.50 Sales 2,950 cartons @ 35.75